888 CEO Itai Pazner Resigns; Suspends VIP Customers In Some Markets

888 Holdings Plc (888.L), an owner of gambling brands and websites, announced Monday that its Chief Executive Officer and Executive Director Itai Pazner is immediately leaving office.

The company's Non-Executive Chair, Lord Mendelsohn, is assuming the position of Executive Chair on an interim basis while the Board searches for a permanent CEO.

Pazner has been with the company for over more than 20 years, including the last four as CEO.

Separately, 888 Holdings announced the suspension of VIP activities in certain of its .com markets pending the outcome of an internal compliance investigation.

According to the company, it has come to light, following an internal compliance review, that certain best practices have not been followed in regard to Know Your Client or KYC and Anti-Money Laundering or AML processes for 888 VIP customers in the Middle East region.

With this, the Board has taken the decision to suspend VIP customer accounts in the region, effective immediately. It is estimated that the impact is less than 3% of Group revenues, should the suspensions remain in place.

Based on the Board's current understanding, the process deficiencies identified are isolated to this region only.

Further internal investigations are underway, the company noted.

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